The long standing debt dispute between the Bi-Courtney group and other related companies belonging to Dr. Olawale Babalakin and the Asset Management Corporation of Nigeria (AMCON) has taken a new dimension.
The Federal High Court sitting in Lagos on 22nd September 2014, granted possession, management and control of assets belonging to Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited and Roygate properties to AMCON. The assets include the Murtala Muhammad Airport 2 (MMA 2) owned by Bi-Courtney pursuant to a concession agreement with the Federal Government and the Old Federal Secretariat building Ikoyi Lagos, belonging to Roygate Properties pursuant to another concession agreement between Roygate and the Federal Government.
The Court also appointed Dr. Olisa Agbakoba SAN, as Receiver, to realize the assets of the companies, enforce the individual liability of the shareholders and directors and to manage the affairs of the above mentioned companies for the purpose of recovering debts owed to the Asset Management Corporation of Nigeria. The Court also granted orders freezing the various bank accounts of the companies and directed the banks to disclose all account balances.
AMCON through its counsel Olisa Agbakoba and Associates applied to the Federal High Court for orders of possession and receivership over these assets as a result of the failure of these companies to pay a cumulative debt of about N50 Billion owed to AMCON. Sources reliably inform us that the orders have been executed against the companies pursuant to the Court Orders.
